October 21, 2017

Govt to set up fund to spur innovation with initial corpus of Rs 500 crore

New Delhi, Nov 3 : The government is launching a special fund with an initial corpus of Rs 500 crore for financing innovative enterprises focussed at the bottom of the income pyramid to set the country on the path to innovation and inclusive growth. The Government has already made a provision for allocating Rs 100 crore as seed money for the Fund. President Pranab Mukherjee said in his address at a function here the the National Innovation Council (NIC) had undertaken several initiatives to set the country firmly on the path to innovation, with a special focus on inclusive growth. The Council had been working towards creating mechanisms to finance innovative enterprises focussed at the bottom of the income pyramid and was geared to launch the India Inclusive Innovation Fund. ”The Fund is proposed to be operationalised with an initial corpus of Rs 500 crore”, he said. The President said India had an estimated 5,000 small and medium scale regional industry clusters which were unable to utilise their full potential and whose productivity needed to be optimised.


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